"I extend my sincerest congratulations to Mark on his confirmation by the U.S. Senate," Fryzel said. "I am confident his background, as well as his outstanding academic qualifications, will enable him to not only act in the best interests of the more than 97 million credit union members, but also to ensure the credit unions of this country are able to keep their competitive advantage and continue to grow and maintain their status as the premier financial service industry in the United States."

"I've had an opportunity to get to know Mark in recent months," NCUA Board Chairman Debbie Matz said, "and I certainly look forward to his joining the Board. Mark is experienced, thoughtful, judicious, and values a collaborative process to get things done. I know credit unions and their members will be well served by his presence on the Board."

President Barack Obama announced his intent to nominate McWatters in December 2013. The Senate Banking Committee held his confirmation hearing March 13. The date for McWatters' swearing in has not yet been set. Board Member Fryzel will continue to serve until that time.